75 per barrel, up 17 cents, or 0.3 per cent.With US production booming, the country needs to import less and is increasingly turning abroad to sell surplus oil.It said that was partly due to demand for marine diesel expected from next year as part of new fuel rules from the International Maritime Organization.US crude oil output will rise nearly 2. oil supply.“(Despite economic headwinds), we still see Brent prices averaging USD70 per barrel this year and expect WTI to lag, averaging USD59 per barrel in 2019,” said Bank of America Merrill Lynch.The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day (bpd) to the country’s already booming output, the International Energy Agency said on Monday.8 million bpd, growing to 13.

Venezuela’s opposition-run congress on Monday declared a “state of alarm” over a five-day power blackout that has crippled the country’s oil exports and left millions of citizens scrambling to find food and water.Brent crude futures were at USD66.SURGING US OUTPUTOffsetting OPEC efforts to tighten the market and disruptions like Venezuela is a surge in U.“The decrease in net crude oil imports (December, 2018) was driven primarily by lower imports from Saudi Arabia (down 160,000 bpd month-on-month) and higher exports to household appliance injection mold Factory Asian countries such as South Korea (up 200,000 bpd month-on-month), China (up 90,000 bpd month-on-month) and India (80,000 bpd month-on-month),” Barclays bank said.7 million bpd in 2024 from an average of just under 11 million bpd in 2018, the IEA said, making the United States by far the biggest oil producer in the world.3 per cent, from their last settlement.

Singapore: Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC.A rally in broader financial markets also supported crude futures, although analysts still warned of risks to the global economy..“With diesel yields already maxed out, refiners may need to lift runs in 2H19 to meet rising demand for marine distillates,” it said.97 per barrel at 0054 GMT, up 18 cents, or 0.Traders also pointed to the political and economic crisis in OPEC-member Venezuela as a driver for oil prices.US West Texas Intermediate (WTI) crude oil futures were at USD56.Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia aimed at tightening markets.S